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38 Studios owes Providence $489K in taxes

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News,Business

PROVIDENCE, R.I. (AP) — Former Boston Red Sox pitcher Curt Schilling's collapsed video game company owes the city of Providence nearly $489,000 in property taxes — but the city isn't expecting to get the money.

WPRI-TV reports (http://bit.ly/VlyFGp ) that internal auditor Matthew Clarkin said in a report this week it's "very unlikely" the city will get the 2012 tax payment from 38 Studios.

Schilling's startup was lured from Massachusetts to Providence by the Economic Development Corp. with a $75 million loan guarantee approved in 2010. The company laid off all its employees and filed for bankruptcy last year.

The station reports that Clarkin projects that 38 Studios' inability to pay its bill as well as an increase in owner-occupied homestead exemptions will leave Providence about $3.1 million short on tax collections for the year.

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from: WPRI-TV, http://www.wpri.com

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